Word: cartelism
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When most Americans think of the Organization of Petroleum Exporting Countries - OPEC, the world's most powerful energy cartel - they usually envision Arab sheikhs lording over oil drills in the desert. But the organization's more important home today arguably lies half a world away among the lush hills and beaches of Venezuela, which has the hemisphere's largest oil reserves...
Colombian drug baron Pablo Escobar is finally dead ((Drugs, Dec. 13)). But even if Escobar's rival Cali cartel cashed in all its chips, the highly lucrative cocaine market would be taken over by operators in one of several other countries. The concept of drug legalization should be given serious consideration. There is substantial support from influential libertarian- conservatives for ending yet another nefarious prohibition...
...impact of the 21st century's first oil alarm was equally apparent in other developing Asian countries. In Indonesia?a proud member of the OPEC cartel, never mind the fact that it's now a net importer of crude oil?the currency is in free fall and the government is burning through its foreign exchange reserves, thanks to a longstanding and increasingly ruinous policy of providing subsidized fuel to consumers. Gasoline in Jakarta costs a mere 27? per liter; some economists worry that if the government continues to spend an estimated $1 billion a month on fuel subsidies...
...actresses against breaking their legs, and at least one rock star (David Lee Roth of the Van Halen group) against paternity suits. The latest unusual client: the Organization of Petroleum Exporting Countries. OPEC has hired a Lloyd's subsidiary to help find out which countries in the 13-member cartel are exceeding their production quotas and thus depressing oil prices...
...rise in coffee prices could be slowed if other coffee producers, including Indonesia, Colombia and the Ivory Coast, increase exports. The International Coffee Organization, a 75-nation cartel, will meet in London this week to discuss the world market situation in the face of Brazil's drought...